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1 – 10 of 26Philip Arestis and Maggie Mo Jia
This paper aims to examine the evolution of house prices in China and especially the effects of different financing channels on China’s house prices.
Abstract
Purpose
This paper aims to examine the evolution of house prices in China and especially the effects of different financing channels on China’s house prices.
Design/methodology/approach
The author use the own theoretical framework and proceed to test the testable hypotheses by using the autoregressive distributed lag bounds test approach for cointegration analysis and the unrestricted error correction model. Quarterly time series data from Q1 2002 to Q2 2016 are used.
Findings
The results suggest that in the short run, bank loans to real estate development and scale of shadow banking have significant positive effects on house prices. In the long run, the scale of shadow banking and disposable income affects house prices positively and significantly.
Originality/value
This study provides more insights into how and to the extent different financing channels affect China’s house prices, particularly the impact of shadow banking on the house prices.
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Philip Arestis, Ana Rosa Gonzalez-Martinez and Lu-kui Jia
The purpose of this paper is twofold. First, the authors investigate the main drivers of house prices in the Hong Kong housing market. Second, further research is undertaken to…
Abstract
Purpose
The purpose of this paper is twofold. First, the authors investigate the main drivers of house prices in the Hong Kong housing market. Second, further research is undertaken to confirm the existence of house price overvaluation, which has driven the market into a bubble episode.
Design/methodology/approach
First, the authors propose a theoretical framework to identify the fundamentals of the market. In the second step, they decompose house prices into fundamentals, frictions and bubble episodes for a better understanding of the evolution of house prices during the period 1996(Q3)-2013(Q3).
Findings
The results of this paper suggest an eventual possible correction of up to 46 per cent of house prices with respect to their 2013(Q3) level.
Originality/value
The originality of this paper is to use the procedure developed by Glindro and Delloro (2010) to analyse the Hong Kong housing market. The contribution of this paper also modifies the original Glindro and Delloro’s (2010) approach by including the Christiano and Fitzgerald (2003) filter to decompose house prices.
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Globalisation is generally defined as the “denationalisation of clusters of political, economic, and social activities” that destabilize the ability of the sovereign State to…
Abstract
Globalisation is generally defined as the “denationalisation of clusters of political, economic, and social activities” that destabilize the ability of the sovereign State to control activities on its territory, due to the rising need to find solutions for universal problems, like the pollution of the environment, on an international level. Globalisation is a complex, forceful legal and social process that take place within an integrated whole with out regard to geographical boundaries. Globalisation thus differs from international activities, which arise between and among States, and it differs from multinational activities that occur in more than one nation‐State. This does not mean that countries are not involved in the sociolegal dynamics that those transboundary process trigger. In a sense, the movements triggered by global processes promote greater economic interdependence among countries. Globalisation can be traced back to the depression preceding World War II and globalisation at that time included spreading of the capitalist economic system as a means of getting access to extended markets. The first step was to create sufficient export surplus to maintain full employment in the capitalist world and secondly establishing a globalized economy where the planet would be united in peace and wealth. The idea of interdependence among quite separate and distinct countries is a very important part of talks on globalisation and a significant side of today’s global political economy.
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M. IMAM ALAM and TANWEER HASAN
The present study investigates the direction of causality between stock market development and economic growth in the case of the United States. We use the Johansen‐Juselius…
Abstract
The present study investigates the direction of causality between stock market development and economic growth in the case of the United States. We use the Johansen‐Juselius cointegration procedure followed by vector error‐correction modelling. We examine both the long‐run cointegrating relationships and associated causal orderings, and short‐run interactions among the variables. The results indicate that there are stable long‐run equilibrium relationships among the variables and that the stock market contains information about future changes in real income.
This paper examines how accounting quality, as measured by earnings opacity, affects the stock market wealth effect, which in turn is shown to be linked to economic growth. Stock…
Abstract
This paper examines how accounting quality, as measured by earnings opacity, affects the stock market wealth effect, which in turn is shown to be linked to economic growth. Stock market wealth effect is negatively affected by earnings opacity. The data also indicate that the exogenous component of the stock market wealth effect — the component defined by earnings opacity‐ is positively associated with economic growth. The direct effect of earnings opacity on economic growth is, as expected negative, but insignificant.
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In the Euro zone unlike monetary policy, fiscal policy has to be coordinated with the limitations imposed by the Stability and Growth pact. Continuous violations of the Stability…
Abstract
In the Euro zone unlike monetary policy, fiscal policy has to be coordinated with the limitations imposed by the Stability and Growth pact. Continuous violations of the Stability and Growth Pact by the powerful members of the European Union such as Germany and France have stymied the progress that has been made in the formation of a single currency. This article examines the delicate nature of this pact and the policies needed to maintain its success. Flexibility of policies in the intermediate may be needed so that members can maintain their positions without paying huge financial penalties.
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This paper seeks to evaluate how some of the core general principles of heterodox political economy (HPE) can be applied to the issue of how HPE has managed to undergo resurgence…
Abstract
Purpose
This paper seeks to evaluate how some of the core general principles of heterodox political economy (HPE) can be applied to the issue of how HPE has managed to undergo resurgence and development over recent decades.
Design/methodology/approach
Four major principles of heterodoxy are applied successively to this issue: historical specificity; contradiction; heterogeneous agents and groups; and circular and cumulative causation.
Findings
These principles assist in comprehending how HPE is able to develop its own concepts, networks, publications, academic departments, teaching and policy‐relevant material.
Research limitations/implications
HPE has had considerable success in developing a conceptual apparatus, which helps to explain the emergence of much of its edifice being developed in academic and policy circles. The performance of HPE has been impressive.
Practical implications
The conceptual apparatus of heterodoxy can be applied to real world situations; specifically a component of world history over especially the past 40 years.
Originality/value
This is the first time such a theme has been explored in the literature.
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A review essay on Charles Robert McCann, Jr., Ed. The Elgar Dictionary of Economic Quotations, Northampton, MA: Edward Elgar, 2003, pp. xi, 315. $150.00.Charles McCann believes…
Abstract
A review essay on Charles Robert McCann, Jr., Ed. The Elgar Dictionary of Economic Quotations, Northampton, MA: Edward Elgar, 2003, pp. xi, 315. $150.00. Charles McCann believes that a Dictionary of Quotations is a repository of statements on which writers and debaters can rely for accuracy: Not only to avoid misstatement and erroneous attribution, but also misperception of original context. (What is an alternative motivation? To show the brilliance of economists? Or their facility with words?) Of course, one could search original sources but it is more efficient, time wise, to have a sourcebook of passages, perhaps especially one arranged overall alphabetically by author and for each author by topic.